Handling payroll internationally is an overwhelming task … Papaya Global Vs Papaya Global Payroll…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s also substantial legal costs there’s there’s other penalties there’s other costs behind that also so the total expense can be very considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really simply the guidelines are intricate and they’re changing all the time believe ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a great deal of unpredictability amongst business on what it truly suggests and how you deal with it most employers are just not knowledgeable about the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification perspective all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the staff member Papaya Global Serial Number Activation Key particularly when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global Vs Papaya Global Payroll
Over the last 5 or 6 years …Papaya Global Vs Papaya Global Payroll… roles on the provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everyone originates from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I want I was elsewhere at this moment in time fine so let’s start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in enough in one country but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they include further intricacy the global Labor force is currently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really basic there’s no real consistency structure we’re living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on global payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors improperly communicated hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don’t run smoothly if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what doesn’t require to be included ideal and what does
it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I’m constantly amazed when people say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more important to add to type of the level of intricacy there’s more and more advantages being organ or being provided by companies across the world so once again you’re simply seeking to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine difficulties or real challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any company has from an expense viewpoint from an effect viewpoint on workers it is absolutely crucial that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on people’s wellness and many other factors if people aren’t paid uh I have actually always been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll option for your workers internationally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and lowering the number of tools platforms and savings account they require for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know how how important a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and also so envision sorry I’m just I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of try to return to everybody so moving on appearance why do companies select to primary separate savings account there are Papaya Global Vs Papaya Global Payroll companies out there doing precisely this for particular nations and I have actually worked in a company or numerous services doing precisely that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not need to and any person that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous factors one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs changing however ultimately individuals are extremely stuck with what they’re familiar
with right um change is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having keeping several savings account however there’s a big quantity of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the complexity is huge but I think the honest response is modification um people have not had the ability to change or have not had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or two there is a lot to monitor and this method does posture several obstacles um so Johnny might you tell us about those challenges yeah of course so there’s a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Vs Papaya Global Payroll
I find time and time again the workers often misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the client why it’s optimum primarily to the client why you should be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a huge effect that they never ever understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy companies are securing insurance against misclassification but normally premiums are only covering the cost of legal charges whilst the average claim evaluated against employers relates to to 40 or half of the base salary of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest most of the times I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK